Singapore-based bank DBS has announced the relaunch of its wealth management offering in Thailand.
In a press briefing, Sim Lim, the chairman of the bank’s securities division DBS Vickers, spoke of a ‘wealth continuum’ strategy in Thailand that would employ a ‘hybrid digital-physical advisory model’.
The bank had planned to launch its wealth management proposition in 2019 following a collaboration between DBS Private Bank and DBS Vickers Securities (Thailand) and a vow to double its wealth management assets from US$3 billion to $6 billion by 2023.
However, these plans were paused due to the outbreak of covid in early 2020.
Under the new plan, DBS also aims to double the number of wealth managers it employs in Thailand and has appointed former Credit Suisse executive Elvin Tan as country head for Thailand, Vietnam and the Philippines.
At the same time, DBS is also promoting its digital investment tools, including the introduction of its robo-advisor service DBS digiPortfolio in the second half of 2024.
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